I have acquired a house with no debt due to family death. The deed of the house is lost and I cannot find it. There was no will and a probate letter had to be completed. County records now show the probate presented in court and the house under my name, but the deed of the house is nowhere to be found (The bank doesn’t exist anymore and the FDIC can’t find the deed).
I need money to fix the house (approximately $10k – $15k) and at least rent it out. No one wants to work with me because my credit is not the best. Close family members do not have that cash either. Investors do not offer enough for me to even start thinking about their offer.
Is there any other choice??
We’re sorry to hear that you’ve been having difficulty sorting things out with your house. If you’re unable to find the deed, you can probably have a new one issued by working through the Recorder’s Office for your county – they maintain property records and should be able to reissue based on the probate order.
With regard to the financing question, there are two avenues that might work for you.
The first option would be to get a rehab loan to do the work you reference above. you may be able to borrow against the house using a Rehab Loan. Rehab loans typically aren’t too difficult to get so long as your credit score is 550 or higher. If you may have trouble qualifying, you could always try to find a co-signor who has better credit – maybe someone from your family. You can read more by checking out our Ultimate Guide to Rehab Loans.
If a rehab loan doesn’t work for you, you may also be able to qualify for a business line of credit. Some of the best providers for business lines of credit have very credit score criteria to qualify – Fundbox doesn’t require a minimum credit score to qualify. You would need to set up your home rental as a business and then apply. Business lines of credit typically only last for 12 and interest rates are far higher than traditional loans, but probably have better chances of qualifying than a traditional bank loan. For more information, you can check out our list of the 5 Best Business Lines of Credit.
We hope this helps and that you’re able to get everything sorted out.